CEO Gillian Drakeford said in a statement: "The Brexit vote has been on everyone's lips and the devaluation of the Pound has been a challenge for many businesses.

"As we import a lot of our products from overseas, this increased our costs by 13.7%. To keep our range accessible and affordable for the many, we absorbed most of these costs, increasing prices by just 3.6%."

The opening of IKEA's latest store in Sheffield. IKEA Drakeford said IKEA will "continue to invest" in the UK and has a "bold and positive" vision to "increase our share of the UK home furnishing market by 2027, to 15%."

IKEA UK's annual results show sales up 5.8% to £1.81 billion in the year to August 31, 2017. The best performing products were comfy chairs and sofas, where sales were up 11%, and kitchen utensils, which saw a 10% rise in sales. Online sales rose by 10%. IKEA UK declined to disclose its profits figures.

Drakeford said in a statement: "Despite a level of economic uncertainty, our brand is even more relevant and we continue our efforts to bring affordable well-designed home furnishing solutions to the UK."

The results represent the sixth consecutive year of growth for IKEA in the UK. The Swedish retailer, which celebrated its 30th anniversary in the UK this year, had 57.2 million visits to its 20 stores across the UK last year and 175.8 million visits to its website.

Companies House filings on Monday show IKEA UK's auditors recently resigned. IKEA UK said in a statement to Business Insider: "We can confirm that IKEA Limited (IKEA UK) has appointed Ernst and Young as our new auditing partner, the same partner used by INGKA Group."